Originally published on October 25, 2016 @ 6:11 pm
A higher percentage of aspiring entrepreneurs have always complained of money as their limitation in launching their dream businesses, that shouldnt restrict you from kicking off nevertheless. You might be limited to a strict budget when you want to start a business, but that doesnt mean you dont have any options. It is possible to start a business with very little money, if you have the right combination of skills, work ethicand marketing know-how.
According to Chris Guillebeau, author of The $100 Startup, To succeed in a business project, especially one youre excited about, it helps to think carefully about all the skills you have that could be helpful to others and particularly about the combination of those skills.
Try out these simple guidelines to start a business when you have little or no money.
- Make something.
Yes, making something does take an initial cost, but oftentimes, these products can be sold for many times over their actual cost. As an aspiring business owner, what can you come up with ranging from information product to homemade products which can be re-sold over and over again? What you decide to make is up to you, but there are several places you can sell your information product or handmade options online. Take for instance, you can come up with a brief tutorial on whatever skill you have, package it in either an ebook, audio or video format, then put it up for sell.
Many business owners sell their products on multiple platforms to get the most exposure possible. It is important, however, to make sure your inventory stays updated on all sites you have a storefront on.
- Resell something.
If you dont want to make anything (or you dont consider yourself a creative person), many business owners have grown large businesses just by reselling products that have already been made. This can be done through a variety of ways or channels:
- Drop shipping: Set up an online store and partner with drop-shipping companies that will do the entire order fulfillment for you.
- Affiliate marketing: you can join several affiliate platform such as Clickbank, Commission Junction, Nairabet, Kinga, Jumia, etc. Register and market your affiliate links to earn commission.
- Sell your services.
One way to start a business with little or no startup capital is to sell your services, instead of a physical product. Theres a huge variety of services you can offer, depending on your background and interests.
Some will requireadvanced degrees, such as accounting, while others require little more than a working knowledge of how its done (such asbabysitting, lawn mowingor personal assistance).
Because you are selling your services, you will need a branding plan to make sure your name and company gets in front of the people who may need the service. Some places that are free for promoting your services include Fiverr, Craigslist, Elance, Taskrabbitand Skillshare.
Its also useful to have a website to show examples of your work, list your experience, and blog about your industry to draw visitors.
- Barter to get what you need.
Unfortunately, its extremely hard to start a business without any type of funds at all. Even creating a freelance-writing business utilizing Elance and a free WordPressor Wix website willstill require a computer to work onas well as Internet. However, there are ways to get supplies you need for starting your business without money.
For instance, if you find yourself in need of a used laptop, try to barter for it. Build a new website for a used electronics supplier, or offer babysitting services to your neighbor for their old HP laptop.
- Utilize low-cost services.
As mentioned previously, you can use sites such as Fiverr or Elance to advertise your products and services, but you can also use these platforms to build up your own company. For instance, many designers offer $5 to $25 logo designs (that come with free revisions). Sort by reviews and look at past examples to find a designer or service provider that matches your style.
This is a great way to get branding materials, printed items, or other needed items without much cost.
Starting a business requires ingenuity and a passion for what you are doing. Once you find yourself doing something you enjoy, you will be more likely to find ways to make it all come together.
So, GO START TODAY!